(EMAILWIRE.COM, February 21, 2020 ) The Global Machine Tools Market is projected to grow from USD 77.0 billion in 2019 to USD 98.3 billion in 2027 at a CAGR of 3.2% during the forecast period. The growing manufacturing industry and technological advancements in machine tools, such as multi axis and robotic arm, are some of the major factors driving the growth of the machine tool industry globally.

The global machine tools market is dominated by Doosan Machine Tools Co. Ltd. (Japan), AMADA Pvt. Ltd. (Japan), Makino (Japan), JTKET Corporation (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), Schuler AG (Germany), Chiron Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany), Haas Automation Inc. (USA), Gleason Corporation (USA), Spinner Machine Tools (Germany), Dalian Machine Tools Group Corporation (China), Yamazaki Mazak Corporation (Japan), DMG MORI (Germany), Electronica Hitech Engineering Pvt. Ltd. (India), Ace Micromatic Group (India).

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Milling machines are expected to generate the largest sales revenue

Milling machines are predominantly used in the metal cutting process across several industries. The promising expansion of metalworking process industries worldwide has triggered the demand for milling machines. Milling machines are highly versatile and can perform a variety of functions, such as filleting, turning, chamfering, drilling, gear cutting, etc. These machines can also perform multiple cuts using multiple cutters. These advantages make the milling machines ideal for automotive, aerospace and defense, and railways industries.

CNC machine tools are expected to dominate the market globally

CNC machines segment holds the major market share of the machine tool market and is expected to grow further in the future due to the increasing demand from the manufacturing companies for productivity improvements and product innovation. Growth in the manufacturing sector has led to a rapid increase in demand specifically for the increasingly sophisticated CNC machines. Automation of machine tools leads to enhanced productivity, time-saving, and elimination of human errors. The new age CAD/CAM CNC machines are compact in size are equipped with automatic tool changers along with multi-axis machining technology and can carry out the entire machining process using a single machine.

Automotive and Transportation industry is expected to lead the market in terms of machine tool consumption

Primary industry users like automotive, aerospace and defense, railways, capital goods, and consumer durable sectors have a high demand for machine tools. The automotive industry is adopting the integration of technologies such as AI, IoT, robotics, etc., which will serve the demands of the end-users. Major efforts are made to upgrade engine technologies to meet the fuel efficiency mandates and NCAP rating globally. This will further add to the re-tooling of the existing machining solutions. The growth in different vehicle segments across the globe is expected to drive the demand for machine tools.

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The Asia Pacific is the fastest-growing market for machine tools

The Asia Pacific is expected to dominate the global machine tools market due to the increase in the number of metal cutting process industries across the region. The region is home for most of the leading machine tool manufacturers and is anticipated to dominate the market. China is one of the major consumers of machine tools and is driving the market in the Asia Pacific. There has been substantial growth and investment in the automotive industry, oil and gas, and railways in the Asia Pacific region. The major manufacturers such as OKUMA Corporation, Yamazaki Mazak Corporation, and DMG Mori are based in this region.